DURBAN – KwaZulu-Natal's North Coast is attracting new buyers under the age of 35 as well as people that are over the age of 50 according to statistics.
This shows that the area is popular with new homeowners and people that are retiring or looking to invest in a second or third property as a way of generating an extra income.
Zimbali Coastal Resort a residential development on the North Coast is an example of a new trend that is popular with homeowners called semigration. Semigration is when a person sets up their province in one province commutes to another province for work or business.
The Vice-President of Sales for IFA Hotels & Resorts Adriaan van Schoor said, "About 60-70% of our owners hail from Gauteng and have made the choice to set up their primary residence in Zimbali. Therefore, it is not surprising that there has been a sharp rise in the number of families moving to the North Coast and the number of estate property transfers over the last year.".
Zimbali is a few kilometres away from the South of Ballito and it has been the prime choice for both local and international buyers that are looking for ultimate luxury in a gated estate.
According to van Schoor, the North Coast population increase and the increase in the number of transfers in gated estates are mutually exclusive.
More than 50 percent of the transfers which have taken place in the same period are in gated estates and inject R1,4 billion into the local economy.
The average cost of property varies from development to development. However, the average per-square-metre rate range on the North Coast for sectional title property is currently R18 000- R26 000 p/sqm.
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– BUSINESS REPORT ONLINE